Do you want to know if you qualify for the My Community Program?
Can I purchase a home using the a conventional loan.
Fannie Mae offers the My Community Mortgage® and is designed for low to moderate income home buyers. This program provides significant flexibility in credit guidelines for borrowers with limited cash resources. The borrower’s income cannot exceed 100% of the annual HUD Area Median Income.
Minimum Credit Score and Maximum Loan-To-Value
Mae requires a minimum credit score of 620.
Source of Down payment
Funds for the borrower’s down payment and/or funds for closing costs and/or prepaids may be obtained from the following:
Home Buyer Education
Prior to closing a minimum of one borrower must complete an approved home buyer education program if all borrowers are first time home buyers.
Interested party contributions, as a percentage of the sales price or appraised value, whichever is less, are limited to the following values
Maximum seller contributions:
What documentation will I need?
• Personal tax returns for the past 2 years with W2's
• Current pay stubs for the past month
• Bank statements for last 2 months (all pages)
• Latest retirement statement for each active account (all pages)
• Sales contract (purchase)
• Clear copy of Driver’s License (front and back)
• Clear copy of SS card (front and back)
Call us 888.958.4228
We recognize the importance to you of keeping your information secure and confidential. We will not sell or share your personal information.
We look forward to working with you.
www.MORTGAGE-WORLD.com LLC is an online mortgage company specializing in FHA loans for first time home buyers.
My Community Program
Are you a
first time home buyer?
Requires a minimum credit score of 620 to buy a home
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